Titled ‘‘Mission Transparency-Reassess, Realign, Reform’’ to serve as confluence of ideas to confront the never before faced Execution challenge
New Delhi; 24th November, 2011: CREDAI (Confederation of Real Estate Development Association of India) the apex body of real estate industry today hosted the most anticipated, widely recognized, respected and highly attended industry event of the calendar year, CREDAI CONCLAVE, 2011 in Delhi at the Hotel Taj Palace. The event witnessed around 1000 delegates including developers, influencers, decision makers, representatives of stakeholder groups and distinguished individuals from across the Real Estate spectrum of the country and abroad, converged on a common platform. Apart from deliberating the most pressing issues plaguing the sector, attendees would be looking to forge relationships, exchange ideas and absorb the subsequent learning from such engagements to chart the road ahead for the decade.
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| (L – R) Kumari Selja, – Hon’ble Minister of Housing and Urban Poverty Alleviation, Mr. Lalit Kumar Jain, President CREDAI, Shri Kamal Nath, Hon’ble Minister of Urban Development, Mr. Jaxay Shah, Vice President, CREDAI and Mr. Pradeep Jain, Chairman, CREDAI (Extreme right)
The inauguration was done by Shri Kamal Nath ji, Minister of Urban Development, Govt. of India, presiding Minister Kumari Selja ji, Minister of Housing Urban and Poverty Alleviation (HUPA) in presence of Mr. Pradeep Kumar Jain, Chairman, CREDAI and Mr. Lalit Kumar Jain President, CREDAI.
Mr. Pradeep Jain, Chairman, CREDAI, said “The Conclave aims to influence for a stronger growth platform for this industry, channelize objectives for a common goal in building transparency while overcoming its impediment and providing the necessary stimulus for realigning its growth. The theme of the Conclave will emphasize on the urgency for ‘A Single Window System for Faster Plan Approval’ and a ’Code of Conduct’ for the developers to infuse ethical practice based on consistency towards better interface with consumers. In our pursuit of mission transparency“
Based on the agenda of ‘Mission Transparency-Reassess, Realign, Reform’, through the conclave it aims to highlighting the key issues responsible for the stumble blocks in the path of development and transparency and ways in countering such blockades. Mr. Lalit Jain, president, CREDAI presented a Draft Model Building and Development Plan Approval (Single Window Clearance) Act, said “This Model Act is an effort by CREDAI to focus attention of Government on the imperative urgency of reforming the current wasteful and dilatory process of Plan approval through multi-Agencies of Central and State Governments acting individually and adding to the time and costs of starting and completing any Urban Space Development Project. Our humble request to Government authorities is to use our Draft Act as a basic document to initiate a consultative process with all concerned department of Central and State Governments and further refine it. Developer community will in a big way participate in Slum rehabilitation program across the country and eradicate slums by giving a quality accommodation to those who are living in Slums.” He also drew attention of the ministers on:
*Requirements of National Development plan defining urban centres and Industrial corridors.
*Need of Regulator to supervise all stake holders of Real Estate Industry like approval authorities, financial institutions, Vendors etc
*Land Acquisition and rehabilitation act should not include private persons/Developers
*Proactive policies to achieve purpose of affordable housing
*Not to burden middle class to provide for EWS/LIG housing instead promote revolutionary policies to invite participation of private developers in this segment
*Need for RBI and Banks to support the RE industry
While inaugurating the Conclave, Shri Kamal Nath, Hon’ble Minister of Urban Development said, “Real Estate sector in India is the ninth largest construction sector in the world. But in India there is a gap between the demand and availability of land. Floor area ratio (FAR) or floor space index (FSI) in India is far below the global average which is pushing up the cost of land. So we need to understand that the sector will take its due course to reach its pinnacle, unless the land economics is revised.”
“To ensure a desired and successful result, both government and private sector should work in tandem. Government will act as a catalyst towards bringing in the regulatory act, while the private sector also needs to come forward and take the initiative. We are in discussion on the introduction of an Urban Regulatory Bill, for which we are looking forward to your support,” added, Shri Kamal Nath.
Hon’ble Minister of Housing and Urban Poverty Alleviation, Kumari Seljaji, who had extended her support to CREDAI in the past, assured further support in the days to come. Lauding CREDAI’s relentless effort towards getting the real estate sector streamlined, said, “I commend CREDAI’s role in the Real Estate Sector. Real Estate sector contributes to 10% of the country’s GDP, however, the sector has not performed up to its potential. Lack of transparency has caused an air of mistrust among the customers which has adversely affected the sector. The Government is working towards introducing a regulatory act for Single Window Clearance. The regulatory bill will help streamlining the sector which will result in better affordability and increase investors’ confidence.”
Earlier in the day, the Conclave kicked off with the Opening remarks about the conference and welcoming the delegates by Mr. Jaxay Shah, Vice President, CREDAI and Chairman, Conclave Organizing Committee
The first session belonged to the new generation of real estate developers spelling out their ambition, ideas, requirements and expectations for the new skyline of Indian Real Estate. Anchored by Ms. Devina Gupta, the session was Chaired by Mr. Pankaj Bajaj, President, CREDAI NCR and MD, Eldeco Group, Delhi. The other speakers in the panel were Mr. Darshan Niranjan Hiranandani, MD, Hiranandani Group, Dubai, Ms. Kruti Jain, Director, Kumar Urban Development Limited, Pune, Mr. Vidyut Sharaf, MD, Forum Group, Kolkata, Mr. Pratish Devadoss, MD, VGN Developers, Chennai, Mr. Gopi Shetty, MD G.K Shetty Builders, Chennai, Mr. Ashish Puravankara, MD, Puravankara Developers Ltd, Bengaluru and Mr. Kranti Kiran Reddy, ED, Janapriya Engineers Syndicate, Hyderabad.
The young developers discussed the challenges faced by the real estate sectors and unanimously agreed for a sustainable and holistic development of sector. They put stress on new age technologies and the need for setting up various vocational training institutes to meet the demand for skilled work force. The speakers also advocated for affordable housing and implementing green technologies in the sector. However, what came out to be the most important aspect was to increase the efficiency in the sector across the board to ensure justice to the end consumer. Given the existing challenges in the real estate sector, Mr. Pankaj Bajaj urged the member companies to work towards the aforesaid solutions together so that the sector gets due recognition from the Government and the policy makers.
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